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City finance staff reports $599,000 IRS payment due tied to 2021 water/sewer bonds; cash position $66.5M
Summary
Finance staff told council the city's bond consultant calculated a $599,000 yield‑reduction liability due to the IRS within 60 days related to 2021 water and sewer bonds; the city reported $66.5 million in cash and investments as of Dec. 31, 2025 and auditors have proposed budget amendments to appear at the next meeting.
At the March 5 meeting the city's finance staff briefed council on year‑end accounting matters and a required IRS payment tied to water and sewer bond proceeds issued in 2021.
"The most recent calculation from our consultants this month does show what is called a yield reduction liability that is due to the…
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